PA2-2 (Algo) Recording Transactions (in a Journal and T-Accounts); Preparing a Trial Balance; Preparing and Interpreting the Balance Sheet [LO 2-1, LO 2-2, LO 2-3, LO 2-4, LO 2-5]
PA2-2 (Algo) Recording Transactions (in a Journal and T-Accounts); Preparing a Trial Balance; Preparing and Interpreting the Balance Sheet [LO 2-1, LO 2-2, LO 2-3, LO 2-4, LO 2-5]
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please do not give solution in image format thanku
Transcribed Image Text:5. Prepare a classified balance sheet at July 31.
DELIBERATE SPEED CORPORATION
Balance Sheet
$
0
0
$
0
0
0
0
![PA2-2 (Algo) Recording Transactions (in a Journal and T-Accounts); Preparing a Trial Balance; Preparing
and Interpreting the Balance Sheet [LO 2-1, LO 2-2, LO 2-3, LO 2-4, LO 2-5]
[The following information applies to the questions displayed below.]
Deliberate Speed Corporation (DSC) was incorporated as a private company. The company's accounts included the
following at June 30:
Accounts Payable
Buildings
Cash
Common Stock
Equipment
Land
Notes Payable (long-term)
Retained Earnings
Supplies
$ 29,000
159,000
39,500
150,000
150,500
239,000
3,500
418,300
12,800
During the month of July, the company had the following activities:
a. Issued 5,800 shares of common stock for $580,000 cash.
b. Borrowed $111,000 cash from a local bank, payable in two years.
c. Bought a building for $290,500; paid $104,000 in cash and signed a three-year note for the balance.
d. Paid cash for equipment that cost $217,000.
e. Purchased supplies for $30,250 on account.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F67eeef0b-e6a8-43af-a851-bbb71fd1c3af%2Ff580b9ee-792c-4d57-bbda-d936a0bd7a94%2F0voh589_processed.png&w=3840&q=75)
Transcribed Image Text:PA2-2 (Algo) Recording Transactions (in a Journal and T-Accounts); Preparing a Trial Balance; Preparing
and Interpreting the Balance Sheet [LO 2-1, LO 2-2, LO 2-3, LO 2-4, LO 2-5]
[The following information applies to the questions displayed below.]
Deliberate Speed Corporation (DSC) was incorporated as a private company. The company's accounts included the
following at June 30:
Accounts Payable
Buildings
Cash
Common Stock
Equipment
Land
Notes Payable (long-term)
Retained Earnings
Supplies
$ 29,000
159,000
39,500
150,000
150,500
239,000
3,500
418,300
12,800
During the month of July, the company had the following activities:
a. Issued 5,800 shares of common stock for $580,000 cash.
b. Borrowed $111,000 cash from a local bank, payable in two years.
c. Bought a building for $290,500; paid $104,000 in cash and signed a three-year note for the balance.
d. Paid cash for equipment that cost $217,000.
e. Purchased supplies for $30,250 on account.
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